AGP Executive Report

Electric Vehicles: Portugal will subsidize up to 80% of an EV’s cost for low-income households, with support for as many as 20,000 vehicles. A separate €50 million scheme will serve the wider public, while businesses can also get help buying electric vehicles. Housing Costs: Thousands protested outside Parliament as lawmakers debated next year’s spending plans. Police had recently cleared housing-activist camps in Lisbon and Porto, amid growing anger over unaffordable homes. Telecoms: Digi warned it could leave Portugal over automatic licence extensions, putting the country’s telecoms investment climate in focus. Investment: The European Investment Bank Group says it has invested €70 billion in Portugal over 50 years and is preparing new growth funding. Renewable Energy: Sonnedix has started operations at two hybrid energy projects in Portugal.

Telecom Competition: Digi warned it could leave Portugal if regulators extend MEO, NOS and Vodafone’s spectrum licences without fresh auctions, arguing the move would entrench incumbents and weaken competition. Digital Finance: Lisbon is hosting Stellar’s Meridian conference, where banks and asset managers are exploring tokenized assets and payment systems; Securitize announced support for the network. Housing and Policy: Thousands protested in Lisbon after police cleared housing encampments, as parliament debated the 2027 budget. The government is defending a new rental law, while President António José Seguro urged political leaders to find concrete solutions to the housing crisis. Investment and Infrastructure: The EIB Group says it has invested €70 billion in Portugal over 50 years and announced new funding for growth. Sonnedix has commissioned two hybrid energy plants in the country, and Menzies Aviation secured seven-year ground-handling licences. Portuguese Startups: Drone maker Beyond Vision raised €28 million in a Series A round, backing its expansion plans.

Housing & Public Spending: Thousands protested outside Parliament as lawmakers debated the 2027 budget, while President António José Seguro called for practical solutions to the housing crisis. Housing investment is forecast to fall 63.5% as EU recovery funding ends, even as a new law aims to unlock nearly half a million stalled homes. Investment & Infrastructure: European investors are directing capital toward data centres, housing and logistics, with Lisbon among the markets gaining attention as power constraints bite elsewhere. Menzies Aviation also secured seven-year ground-handling licences in Portugal. Energy: Galp and Moeve ended talks on a downstream merger, while Sonnedix began operating Portuguese hybrid energy projects.

Housing and Budget: Parliament has opened debate on next year’s spending plans as protests demand action on Portugal’s housing crisis. Home prices have risen 147% since 2015 and rents 68% since 2020; housing investment is also forecast to drop 63.5% as EU recovery funding ends. Energy: Galp and Moeve have abandoned merger talks, but Galp says Sines refinery operations remain secure. AI Investment: Start Campus, Schneider Electric, AVEVA and Nscale have piloted a digital twin at the Sines data campus, designed to support one of Europe’s largest AI facilities. Portuguese Business: Drone maker TEKEVER has secured a U.S. Special Operations Command purchase after testing, extending its international reach. Telecoms: Meo has launched a 5G service for priority network access during congestion, available to residential and business customers.

Energy: Galp and Spain’s Moeve have ended talks on a downstream merger, leaving Galp shares under pressure; officials say the outlook for the Sines refinery remains secure. Housing and Investment: Portuguese housing investment is forecast to fall 63.5% as EU recovery funding ends, while protests over affordability continue in Lisbon and Porto. Clean Tech: HyOrc plans a 150-tonne-a-day waste-to-methanol plant in Portugal by 2028, following smaller planned project stages near Porto. Portuguese Businesses Abroad: Drone maker Tekever has sold drones to U.S. Special Operations, while Greenvolt is selling two Polish battery projects for $438 million. Transport: Menzies Aviation secured seven-year ground-handling licences in Portugal, and TAP is targeting cargo demand on its Orlando route.

Energy: Galp and Spain’s Moeve ended talks to combine their downstream businesses after failing to agree terms. Both companies say they will continue with their existing strategies. Aviation & Logistics: TAP’s Lisbon–Orlando service, launching October 29, will offer 45–60 tonnes of weekly cargo capacity, targeting time-sensitive shipments. Menzies Aviation secured seven-year ground-handling licences at Lisbon, Porto and Faro airports, giving it greater certainty to plan investment. Tech & Clean Energy: Portuguese drone maker Tekever has sold drones to U.S. Special Operations, while Greenvolt sold two Polish battery projects with 800 MWh of capacity for $438 million. Housing: A new law aims to unlock homes stuck in family disputes, allowing a single heir to force a sale after two years of deadlock.

Housing & Social Pressure: Portuguese police cleared a Lisbon housing protest camp and arrested demonstrators as rent and affordability concerns fuel unrest. A new law aims to free nearly 500,000 homes tied up in family disputes, while Lagoa has approved plans for 520 affordable homes. Tech Investment: Lisbon-based drone maker Beyond Vision raised more than €28 million to expand production for civilian and defence markets. Tourism: Portugal is targeting €53 billion in tourism revenue by 2035. Lusophone Trade: Macau’s trade and investment fairs drew over 90,000 visits and produced about 140 agreements; 12% involved Portuguese- and Spanish-speaking countries.

Housing Crisis: Police cleared a Lisbon protest camp before dawn, arresting 25 people after thousands marched over soaring rents and a shortage of homes. Prices have more than doubled since 2017, intensifying pressure on the government to act. Affordable Supply: Lagoa has cleared the way for 520 affordable homes, a modest but concrete response to the housing squeeze. Business Investment: Lisbon drone-maker Beyond Vision raised more than €28 million to expand production and grow its civilian and defence markets. Corporate Deal: A €1.8 billion tie-up between a French pasta group and a Portuguese agrifood company points to further consolidation in the sector. Retail and Jobs: Primark is preparing to open its 16th store in Portugal, while hiring growth slowed to 2.3% in 2025.

Housing Pressure: Police cleared a Lisbon protest camp after thousands marched over rents and home prices, which have more than doubled since 2017. The affordability crunch is a growing challenge for workers and employers alike. Jobs: Portugal’s hiring growth slowed to 2.3% in 2025, from 3.7% in 2024. Construction led with 5.7% growth, while agriculture and natural-resource jobs fell 2.7%. Digital Infrastructure: Microsoft pulled out of a UK data-centre project over delayed grid power, but said its wider Nscale partnership—including projects in Portugal—remains on track. Industrial Investment: NKT expanded its Portuguese power-cable factory, adding 150 employees, as U.S. defence firms court local industry ahead of Portugal’s fighter-jet decision. Telecoms: Portugal’s competition authority warned that spectrum-licence renewals could restrict competition.

Public Investment: Portugal’s environment minister is heading to Faro to sign flood-recovery and waste agreements. Bolt, meanwhile, has pushed back against Lisbon’s scooter suspension, warning it would remove a low-cost, greener travel option. Business Growth: Drone maker Beyond Vision raised €28 million, while education technology firm Intuitivo secured €1.35 million to expand into Brazil. NKT also expanded its Portuguese power-cable factory, adding 150 jobs. Housing and Costs: The Bank of Portugal governor called for more construction to ease the housing crisis. Producer-price inflation has reached 9.2%, and bottled gas is forecast to hit €40 by year-end. Tourism: Portugal is targeting €53 billion in tourism revenue by 2035, but an Algarve tourism leader says the sector should focus less on double-digit visitor growth.

Retail: Murcia-based Inside is inviting rival takeover bids; the current proposal would keep 958 staff and 184 shops, including six in Portugal, and fund €35 million in investment. Defence Technology: Germany will trial a heavy-lift drone made by Portugal’s TEKEVER for frontline resupply. Housing: President António José Seguro has called a Council of State meeting on social cohesion as housing protests continue; the Bank of Portugal governor has urged more construction to ease the crisis. Mobility and Infrastructure: Bolt says Lisbon’s planned scooter suspension would cut affordable transport options for residents. Portugal’s environment minister will visit Faro to sign flood-prevention and regional waste agreements. Investment: Portuguese drone maker Beyond Vision raised €28 million, while EdTech firm Intuitivo secured €1.35 million to expand in Brazil. Tourism: Portugal is targeting €53 billion in tourism revenue by 2035, while Algarve industry leaders warn against making visitor growth the main goal.

Housing: Gaia’s mayor says the government is holding up a plan for 2,500 homes for young people on a former military site. A new law could also unlock hundreds of thousands of homes tied up in inheritance disputes by letting one heir force a sale after two years of deadlock. Industry & Defence: Lockheed Martin has opened a route for four Portuguese firms to bid for F-35 supply-chain work, even as Portugal weighs which jets to buy. Lisbon drone-maker Beyond Vision raised €28 million to expand production and international sales. Tax & Regulation: Portugal’s pharmaceutical industry has won the central argument in a long-running VAT dispute; the focus now shifts to recovering tax and interest. The competition authority has warned that spectrum licence renewals could restrict competition. Tourism & Energy: Portugal is targeting €53 billion in tourism revenue by 2035, while an Algarve tourism leader says visitor growth should no longer be the priority. Bottled gas prices are forecast to reach €40 by year-end.

Housing Market: Portugal approved a law to unlock homes stuck in family disputes, allowing a single heir to force a sale after two years of deadlock. Lagoa also cleared the way for 520 affordable homes. Tourism: The government’s 2035 strategy targets 50 million non-resident visitors and more than €53 billion in tourism revenue; Portugal expects over 30 million tourists and €30 billion in revenue this year. Technology Investment: Lisbon drone-maker Beyond Vision raised more than €28 million to expand production and grow its civilian and defence AI business. Green Industry: SwitcH2 is planning a 300MW offshore green-ammonia plant near Viana do Castelo, targeting a 2027 investment decision and operations by 2031. Retail: Primark is preparing to open its 16th store in Portugal.

Housing Supply: Lagoa has approved rezoning that could enable up to 743 homes, including 520 affordable units, as Portugal faces mounting pressure over housing costs. Technology Investment: Lisbon-based drone maker Beyond Vision raised more than €28 million to expand production and international growth in civilian and defence markets. Industrial Jobs: NKT’s expanded Portuguese power-cable factory is expected to add 150 employees. Agrifood Deal: Cerealis and France’s Panzani are in talks to form a European food group valued at about €1 billion. Retail Expansion: Snack brand WAVERS is set to enter Portugal through NORMAL’s 14-country rollout, with stores scheduled to begin stocking its products from November.

Storm Recovery: Portugal will receive €261.5 million from the EU Solidarity Fund, the largest share of €489.15 million approved for storm-hit countries, to help restore public infrastructure and services. TAP Deal: Lufthansa’s proposed €1.2 billion investment in TAP has cleared a government hurdle, but the airline’s CEO warns that regulatory approval could be difficult. Manufacturing: NKT has expanded its Portuguese power-cable factory, adding 150 employees as demand for grid infrastructure grows. Prices and Pay: Producer-price inflation in Portugal has climbed to 9.2%, while cost-of-living and housing protests underline pressure on household budgets and calls for higher wages. Finance: Bitcoin Suisse has launched crypto trading, custody and staking in Portugal under the EU’s MiCA framework.

Telecoms: Portugal’s infrastructure minister criticised Anacom’s approval of Digi’s entry, arguing that market fragmentation is squeezing margins and discouraging investment in 5G and future networks. Storm recovery: The European Parliament approved €261.5 million for Portugal from the EU Solidarity Fund to help repair damage from January and February storms. Agrifood: CVC-backed pasta maker Panzani is merging with Portugal’s Cerealis in a reported €1.8 billion tie-up. Investment: Designer Philippe Starck is shaping ASerra, a 210-acre hotel and villa project near Melides, with 22 homes and a 25-suite hotel planned to open in 2028. Media: MediaForEurope plans to combine streaming services across Portugal, Italy, Germany and Spain next year, sharing technology and costs. Property: French group Icade has completed the sale of its Portuguese healthcare portfolio, generating about €115 million in proceeds.